The company plans to drill four to five horizontal wells over the winter months, which include two wells in Northern Ethel, one well in Deer Mountain Unit #2 and also one well in west Ethel.

Arcan noted that the winter drilling program is planned to occur on existing producing pad sites to maximize capital efficiencies while minimizing on-stream production delays.

The company also completed the disposition of its non-core Virginia Hills asset for gross proceeds of about $7.5m.

Arcan is engaged in the production, development, exploration and acquisition of petroleum and natural gas in Western Sedimentary basin, Canada.